The Shanghai Composite closed up 1.77%, while the CSI300 jumped 2.9%. The Hang Seng in Hong Kong was more muted, closing up 0.17%.

The Asian optimism has helped European markets shrug off plummeting oil prices on Monday and open higher too. The FTSE 100 is up 0.88% at 9.10 a.m. GMT (4.10 a.m. ET), the German DAX is up 1.6%, France's CAC 40 is up 0.74%, and the Euro Stoxx 50 is up 0.98%.